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Everything You Need To Know About Online Business Loans

Online loan lenders usually offer the best facilities and quickest approval times. If you are a small business owner, it is advisable to read up on online business loans.

Do you think it’s time for you to scale up your business? If you are looking to expand, it suggests that your business is doing well, and that means you need an upgraded inventory, more advanced or efficient equipment, or maybe even more employees. Sometimes, however, you may experience the need to scale up faster than you earn through your revenue. What if you need help providing service to your new clients, but lack the working capital required to cover this cost? In such cases, it might be a good idea to search for secure means of financing your business, and one of the best ways for doing so is through an online business loan.

What Are Online Business Loans?

In the past, the only financing options to acquire small business loans were banks and credit unions. Nowadays, thanks to the introduction of the internet in everyday life and the deregulation of banks, business owners have access to a large variety of alternate, and possibly more suitable, lending models.

Online business loans are a quick and easy method of obtaining funding for your business. These loans usually have a virtual approval process which facilitates transactions in an efficient manner. For some business owners, it may be more suitable to get approved for a loan using an online lender, because their approval terms and conditions depend on more than simply the applicant’s credit score.

Thanks to their tendency of accepting higher risks and a faster approval process, online business loans have an unmatched advantage in helping small businesses grow faster.

Are There Significant Benefits Associated With Online Business Loans?

These loans come with some unique benefits that are designed to provide quick and effortless banking solutions for a business owner. Some of these advantages are:

Complete Online Access

With online business loans, you can gain access to your entire account from the comfort of your home, office, and any other place of your choosing. All you need is access to the internet. From carrying out important transactions to checking your business loan statement, online business loans provide the ability to do everything on-the-go.

Line of Credit

If your online business loan gets approved, you are eligible for an exclusive ‘Business Line of Credit’ facility, wherein you are pre-approved to acquire a specified amount for a specific duration. During this duration, you are only required to pay the interest amount each month, without having to pay the principal amount until the end of your tenor. This facility gives you the flexibility to access a portion of the loan as per your needs without having to approach your lender time and again, especially if you can’t exactly estimate your business needs when you apply for a loan.

Flexibility

Through online business loans, you can make part-prepayments on your loans in case you wish to repay your loans faster. If you are making more profits than projected, for example, you may prepay a chunk of your loan in one go, without additional charges. It is also possible for you to foreclose your loan, although the charges for that process are higher than those for prepayment.

Is there any risk associated with online business loans?

Like any financial undertaking, online business loans come with a certain risk factor. Whenever you choose to opt for an online business loan, keep in mind that the amount of proper regulation online is low, which is the reason some predatory lenders exist. Be sure to conduct proper research and only accept the services of a trusted lender offering sound guidance and competitive rates.

While you may acquire the best rates from a traditional bank loan, the entire process is rigorous and very time-consuming. Therefore, it is sometimes best to choose a trustworthy online business loan provider like Bajaj Finserv, which offers quick and secure loans.

Terms and Conditions

I declare that all the particulars and information provided by me in this application form are true, correct, complete and up-to-date in all respects and that I have not withheld any information whatsoever.

I confirm that I have/had no insolvency proceedings against me nor have I ever been adjudicated insolvent by any court or other authority and I further confirm that I have read the information on various loan products made available by Bajaj Finance Limited (hereinafter referred to as “Bajaj Finance?) on the Website www.bajajfinserv.in.

I authorize Bajaj Finance to exchange, share all information and details as provided by me in my application and in relation to my existing loans and/or repayment history to any third party including but not limited to its group companies, service providers, banks, financial institutions, credit bureaus, telecommunication companies, statutory bodies, etc. for customer verification, personalization of products or services, credit rating, data enrichment, marketing or promotion of Bajaj Finance services or related products or that of its associates and affiliates or for enforcement of your obligations and I shall not hold Bajaj Finance (or any of its group companies or its/their agents/representatives) liable for the use/sharing of the information as stated above.

I agree and affirm that Bajaj Finance may contact me and communicate with me over telephonic calls, or SMS on the mobile number mentioned in the application, or through any other communication mode (“Communication Modes?) to verify the details provided by me on the application. Further, I confirm that I would like to know through the above mentioned Communication Modes various Bajaj Finance loan offer schemes or loan promotional schemes or any other promotional schemes relating to various products/services offered by BFL/its group companies from time to time and hereby authorize BFL, its group companies, employees, agents, associates to contact me from time to time for the same.

I agree and confirm that laws in relation to the unsolicited communication referred to in the “National Do Not Call Registry? (the “NDNC Registry?) as laid down by the Telecom Regulatory Authority of India will not be applicable for such communication/calls/ SMSs received from BFL, its group companies, its employees, agents and/or associates.

I undertake to keep Bajaj Finance updated of any change in the information provided by me in this application form.

I understand and acknowledge that Bajaj Finance shall have the absolute discretion, without assigning any reason to reject my loan application and that Bajaj Finance shall not be responsible/liable in any manner whatsoever for such rejection.

I further understand and agree that pursuant to this application form, I will be required to submit documents to the satisfaction of Bajaj Finance and accept the loan terms and conditions for availing the loan granted to me by Bajaj Finance from time to time.